The banking, financial services and insurance (bfsi) security global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Banking, Financial Services and Insurance (BFSI) Security Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The banking, financial services and insurance (bfsi) security market size has grown rapidly in recent years. It will grow from $59.66 billion in 2023 to $66.61 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to rise in internet penetration, increased focus on innovation, emergence of fintech companies, changes in customer preferences, demographics, and lifestyles, stringent regulations like gdpr and basel iii.
The banking, financial services and insurance (bfsi) security market size is expected to see rapid growth in the next few years. It will grow to $103.83 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to growing demand for cloud-based security solutions, increasing adoption of mobile devices and byod policies, rise in cybercrime and cyber threats, growing need for regulatory compliance, advancements in biometric technology. Major trends in the forecast period include ongoing digital transformation, collaboration with fintech, open banking and partnerships with technology partners, zero trust security model, behavioral analytics.
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Scope Of Banking, Financial Services and Insurance (BFSI) Security Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Banking, Financial Services and Insurance (BFSI) Security Market Overview
Market Drivers –
The increasing prevalence of cyberattacks is expected to propel the growth of banking financial services and insurance BFSI security market going forward. Cyberattacks refer to the attempt by an individual or organization to steal, breach, or expose information through unauthorized access to the system of an organization. Efficient security systems are required in the BFSI sector to mitigate business risks and prevent the substantial financial losses caused by cyberattacks. For instance, in February 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, the cyber crime reports received in 2022 were 76,000, an increase of nearly 13% from the previous financial year. Therefore, the increasing prevalence of cyberattacks in banking, financial services, and insurance (BFSI) security will drive the growth of the banking financial services and insurance BFSI security market.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
The banking, financial services and insurance (bfsi) security market covered in this report is segmented –
1) By Type: Physical Security, Virtual Security
2) By Information Security Offering: Solution, Service
3) By End User: Banks, Insurance Companies, Other End Users
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Regional Insights –
North America was the largest region in the banking financial services and insurance BFSI security market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the banking, financial services and insurance (bfsi) security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the banking, financial services and insurance (bfsi) security market report are International Business Machines Corporation, Honeywell International Inc., Cisco Systems Inc., McAfee Inc., Akamai Technologies Inc., Barracuda Networks Inc., Carbon Black Inc., Check Point Software Technologies Ltd., CyberArk Software Ltd., Dell Inc., F5 Networks Inc., FireEye Inc., Forcepoint LLC, Fortinet Inc., Imperva Inc., LogRhythm Inc., Mimecast Services Limited, Palo Alto Networks Inc., Proofpoint Inc., Qualys Inc., Rapid7 Inc., RSA Security LLC, SecureWorks Corp., Sophos Group Plc., Splunk Inc., Symantec Corporation, Thales Group, Trend Micro Inc., Varonis Systems Inc., Zscaler Inc.
1. Executive Summary
2. Banking, Financial Services and Insurance (BFSI) Security Market Report Structure
3. Banking, Financial Services and Insurance (BFSI) Security Market Trends And Strategies
4. Banking, Financial Services and Insurance (BFSI) Security Market – Macro Economic Scenario
5. Banking, Financial Services and Insurance (BFSI) Security Market Size And Growth
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27. Banking, Financial Services and Insurance (BFSI) Security Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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